Price of oil News & Breaking Stories

India's Rupee softens despite weaker US Dollar. Investor focus on election outcome. HSBC Services PMI and US ISM Services PMI awaited.

Stock indices in the US closed lower, but Nvidia's strong earnings boosted the market. Global markets struggled amid inflation concerns.

Wall Street cautious ahead of Fed meeting and Nvidia earnings. Nasdaq up, small caps down. Solar and clean energy industries surge.

Oil prices edge down following U.S. Federal Reserve comments and Middle East tensions, with uncertainty in demand and market surplus forecasted.

S&P 500 lost 1.5% in the first trading week of 2024, ending a nine-week streak. Analysts expect rocky start to 2024.

US Dollar Index retreats as US Treasury yields decline, while crude oil prices rise following US military strikes on Iranian targets in Syria.

The US Treasury Department has announced that it will temporarily lift sanctions on Venezuelan oil exports and gold for six months, with the option to amend or revoke the authorizations if President Maduro fails to fulfill his commitments. The move has drawn criticism from Republicans, who argue that it supports oppressive regimes and threatens US national security. However, Latin American scholars and energy analysts see it as a positive step towards stabilizing Venezuela's oil industry, which has been plagued by underinvestment and mismanagement.

Putin signals that OPEC+ coordination will continue to ensure predictability in the oil market and suggests supply cuts will endure until 2024.

Global shares and the dollar rise after US consumer price inflation moderates, boosting hopes of the Fed's rate-hiking cycle nearing its end.

US gas prices are continuing to rise, with the average price in Fresno increasing from $4.69 to $4.84 in just over a week. The national average is $3.82 per gallon. The rising prices are unusual given that fewer people are fueling up their cars this summer compared to previous years. The increase in gas prices is due to a combination of factors including record temperatures, which have caused refineries to operate below capacity, and production cuts by major oil-producing countries.

Gasoline prices in the US have reached a national average of $3.732 per gallon, with analysts warning that prices may continue to rise. The increase is attributed to rising oil prices, heat-related refinery outages in Louisiana and Texas, and tight gasoline supply. The market has also seen increased buying of gasoline futures contracts by speculators ahead of the hurricane season. Higher wholesale prices are expected to lead to higher retail prices in the coming weeks, but prices may pause or reverse if the hurricane threat dissipates.

June CPI rises by 0.2% and 3.0% over the last year, with shelter accounting for 70% of the increase; food prices also increase.